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Home 🌿 Medical Cannabis News 🌿 Australia: Medlab to Fast-Track Medical Marijuana Human Trials, Raises $5.4M Marijuana-Based Pain Management Therapy 🌿

Australia: Medlab to Fast-Track Medical Marijuana Human Trials, Raises $5.4M Marijuana-Based Pain Management Therapy

Submitted by Marijuana News on Mon, 07/18/2016 - 08:45

Medlab is all set to give cannabis Australia human trials a boost as it has launched a $5.36 million equity raising. The cash will be mainly used for accelerating a medicinal cannabis human trial program at a leading Australian oncology research hospital. The marijuana-based pain management therapy will combine two cannabis compounds THC (tetrahydrocannabinol) and CBD (cannabidiol).

Medlab’s shares last traded at 42 cents, way ahead of the year low of 16 cents. The 1-for-9 rights issue is at 30 cents a share, writes Business Insider Australia.

“We expect this accelerated program and new equipment will result in licensed products to market at least 12 months ahead of our current forecasts,” managing director Sean Hall said.

Preliminary results from Medlab’s work on depression and obesity were most-promising and so was their NanoCelle delivery system. The NSW government has approved Medlab Clinical for performing medicinal cannabis trials as...

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